Candel Therapeutics (NASDAQ:CADL) Trading 8.1% Higher – Here’s Why

Candel Therapeutics, Inc. (NASDAQ:CADL) shot up 8.1% on Friday . The stock traded as high as $9.85 and last traded at $10.2450. 196,488 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 1,570,099 shares. The stock had previously closed at $9.48.

Wall Street Analysts Forecast Growth

CADL has been the topic of a number of recent research reports. Zacks Research raised shares of Candel Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Candel Therapeutics in a research report on Monday, April 20th. Cantor Fitzgerald initiated coverage on Candel Therapeutics in a research note on Monday, April 20th. They issued an “overweight” rating on the stock. Wall Street Zen lowered Candel Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Stifel Nicolaus started coverage on Candel Therapeutics in a research note on Monday, July 13th. They set a “buy” rating and a $22.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Candel Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $18.57.

Candel Therapeutics Stock Up 7.4%

The company has a debt-to-equity ratio of 0.34, a quick ratio of 28.05 and a current ratio of 28.05. The firm’s fifty day simple moving average is $8.91 and its 200 day simple moving average is $6.78. The stock has a market capitalization of $745.89 million, a price-to-earnings ratio of -10.39 and a beta of -0.52.

Candel Therapeutics (NASDAQ:CADL) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.16. On average, sell-side analysts forecast that Candel Therapeutics, Inc. will post -0.91 earnings per share for the current year.

Insider Transactions at Candel Therapeutics

In related news, insider Francesca Barone sold 23,447 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $10.06, for a total transaction of $235,876.82. Following the completion of the transaction, the insider directly owned 77,362 shares in the company, valued at approximately $778,261.72. This trade represents a 23.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Seshu Tyagarajan sold 7,000 shares of Candel Therapeutics stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $10.02, for a total value of $70,140.00. Following the completion of the sale, the chief technology officer directly owned 83,865 shares in the company, valued at approximately $840,327.30. This represents a 7.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 14.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Candel Therapeutics

A number of large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its position in shares of Candel Therapeutics by 128.2% in the third quarter. BNP Paribas Financial Markets now owns 7,901 shares of the company’s stock worth $40,000 after purchasing an additional 4,439 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Candel Therapeutics by 361.7% in the second quarter. Tower Research Capital LLC TRC now owns 9,608 shares of the company’s stock valued at $49,000 after purchasing an additional 7,527 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in Candel Therapeutics in the 4th quarter valued at $51,000. ProShare Advisors LLC acquired a new stake in Candel Therapeutics in the 4th quarter valued at $59,000. Finally, Invesco Ltd. bought a new stake in Candel Therapeutics during the 1st quarter worth about $59,000. Institutional investors and hedge funds own 13.93% of the company’s stock.

Candel Therapeutics Company Profile

Candel Therapeutics (NASDAQ:CADL) is a clinical-stage immuno-oncology company focused on the development of next-generation oncolytic viral therapies designed to treat solid tumors. The company’s lead candidate, CAN-2409, is a locally administered, gene-delivered viral therapy engineered to selectively replicate in cancer cells and induce immunogenic cell death. Candel leverages proprietary virus engineering platforms to enhance tumor-specific replication and stimulate anti-tumor immune responses, aiming to improve outcomes for patients with high unmet medical needs.

In addition to its lead program, Candel’s pipeline includes CAN-3110, an oncolytic herpes simplex virus targeting recurrent high-grade glioma, and other novel viral constructs being explored for a variety of solid tumor indications.